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Gold recovers from a one-week low after Iran mentions progress in peace negotiations
Gold recovered from a lower level than a week ago on Monday as oil prices dropped after Iran said that peace talks between the United States and Iran had progressed. However, bets on higher interest rates following hawkish Federal Reserve signals weighed down the precious metal's prospects. As of 0800 GMT spot gold was up 0.7% to $4,189.69 an ounce after falling to its lowest since June 11, on Friday. U.S. Gold Futures for August Delivery fell by 0.9% to $4207.70. According to Press TV, the first round of high-level talks between U.S. officials and Iranian officials ended in Switzerland on Monday. A spokesperson for the Iranian Foreign Ministry said that good progress had been made. In a joint statement, the?mediating countries Qatar and Pakistan stated that the U.S. agreed to a roadmap?towards a final agreement within?60days. Edward Meir is an analyst with Marex. He said, "The current Swiss situation has changed dramatically from just a few hours earlier when both sides were fighting. But now, it appears they are making progress." "We will continue to trade on geopolitical principles for a while, but since the situation is fluid it is probably best to stay out of the fray for the time being." Brent crude futures dropped more than 1% following the announcement. Oil prices are rising, which is causing inflation concerns and a rise in interest rates. When interest rates are high, gold tends to lose its appeal as it doesn't yield any interest. Investors have concluded that a rate increase is imminent because Fed Chair Kevin Warsh has focused on inflation without nuance. Nine out of 19 Fed policymakers think they'll need to increase the policy rate in this year. According to the CME FedWatch Tool, traders now see an 89% probability of a rate increase in December. This is up from 61% prior to?the Fed meeting. Silver spot rose by 2%, to $66.18 an ounce. Platinum gained 0.4%, to $1670.74, while palladium climbed 1%, to $1270.41. (Reporting and editing by Rashmi, Sonia Cheema, and Harikrishnan Nair in Bengaluru)
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ADNOC sold at least 18,000,000 barrels of oil in the third tender, traders claim
Sources in the trade said that Abu Dhabi National Oil Company sold "at least 18,000,000 barrels" of crude oil from United Arab Emirates during its third spot tender this month. ADNOC has sold at least 48,000,000 barrels of crude oil in June, according to calculations. ADNOC is also offering more volumes in a 4th?tender due to close this week. Kpler data showed that the UAE exported 101.4 million barrels of oil in January, and 95.2 millions in February before the U.S. - Iran war blocked the Strait of Hormuz. Two trade sources reported that an Indian refiner bought 2 million barrels for STS (ship-to-ship) delivery of 'Das crude' off Sohar in Oman between July 21-31. The cargo was sold with a $1 premium per barrel over Dubai prices. PetroChina bought 4 million barrels, while Zhenhua Oil and Sinochem each purchased 2 million barrels. Sources said that Inpex, a Japanese trading house, bought 2,000,000 barrels Upper Zakum while Mercuria, Shell and Japan's Inpex each purchased 2,000,000 barrels. The cargoes was for June-August loading. ADNOC offers cargoes on various delivery terms including STS transfers outside the strait. This allows buyers to secure supplies while reducing transit risks through the waterway. Companies?typically don't comment on commercial sales. Reporting by Florence Tan in Singapore, Siyi in New Delhi and Nidhh Verma in New Delhi. Editing by Sonia Cheema.
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China Coking coal continues to lose money despite rising supply
The prices of China's coal futures continued to decline on Monday. This was due to the prospect of a rising supply following the resumption of production in coal-rich Shanxi, as well as from increasing imports. The Dalian Commodity Exchange's (DCE) most traded coking coal contract closed the daytime trading 1.39% lower, at $188.20 per metric ton. This is approximately 14% lower than the 1,486.5 Yuan that was reached on June 8th, the highest level since Oct 2024. The most active DCE contract dropped 0.49%, to 2,015.5?yuan per ton. According to a survey conducted by the consultancy Mysteel, as of June 17, 63% of coal mining operations that were suspended after a fatal mine accident occurred in late May had resumed production. Customs data also showed that China's coking coal imports in May grew 51% compared to the previous year, while year-to date imports increased 25%. China's coking coal imports are expected to increase this year, according to traders. Analysts at Galaxy Futures wrote in a report that the recent slump in the price of 'coking coal' was not due to a change in fundamentals but rather a shift in traders' focus from fears of a supply shortage to a resumption of production. They added that "uncertainties continue to cloud the pace of production resumption for other mines and it will be difficult to recover output to pre-accident levels." Iron ore prices fell on Monday, falling to a more than three-month high. This was due to the continued accumulation of?portside stocks. The DCE?ore contract, the most traded contract in China, fell 0.87% to 739.50 yuan per ton. The contract hit its lowest since February 24, at?739 Yuan, earlier in the session. As of 0809 GMT, the benchmark July iron ore on the Singapore Exchange had fallen 0.24% to $98.4 per ton after hitting its lowest price since March 4, at $98.15. The Shanghai Futures Exchange's steel benchmarks were mixed. Rebar fell 0.22% while hot-rolled coils lost 0.39%. Stainless steel gained 0.6%, and wire rod increased 0.74%.
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LME copper prices tick up after tensions in the Middle East end
The London Metal Exchange saw a rise in copper?prices on Monday as the market digested the weekend's tense U.S. Iran?peace talks. Benchmark three-month Copper?on LME gained 0.71% to $13,692?a metric tonne by 0700 GMT. The Shanghai Futures Exchange's most traded copper contract fell by 0.08%, to 104 890 yuan per ton ($15 476.21). After the peace talks between the U.S.A. and Iran, traders closely monitored the macroeconomic climate. David Wilson, BNP Paribas' head of metals strategy, stated that the market was just waiting and watching to see what would happen. Mediators confirmed that the first round of high level peace talks ended on Monday. Donald Trump, the U.S. president, threatened to restart attacks while Tehran announced that it had again closed the Strait of Hormuz over the weekend. The conflict has affected the?base metal market, dampening the risk appetite and increasing energy prices. This has dimmed growth expectations. Wilson stated that "LME copper is moving based on expectations of rate and inflation on the one hand and a Gulf Peace dividend on another." Markets are also awaiting a report and recommendations from U.S. Secretary of Commerce Howard Lutnick? on possible copper tariffs. This is due at the end of June. Metals from Europe and Asia have been shipped to the United States due to tariff concerns. Metals from Europe and Asia are being shipped to the?U.S. Copper stocks at?LME registered warehouses decreased on Friday Exchange data revealed that?fell another 3,575 tons to 352150 tons. The number of cancelled warrants, which indicate metal that is destined for withdrawal, reached 37%. The SHFE reported on Thursday that copper inventories in warehouses monitored by the exchange fell 23.6% during the past week. Aluminium gained 0.62% on the LME, while zinc rose by?0.48%. Lead rose 0.1%, nickel rose 1.65%, and tin increased by?3.08%. The SHFE showed that aluminium rose by 0.92%. Zinc fell by 0.32%. Lead dropped 0.49%. Nickel slipped 0.09%. Tin gained 0.67%. $1 = 6.7775 Chinese Yuan (Reporting and editing by Mrigank Dahniwala, Subhranshu Saghu).
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Two Palestinian teenagers are killed by Israeli soldiers in West Bank
Israeli soldiers killed two Palestinian teens?in occupied West Bank, Palestinian officials said. The Israeli military claimed the two had attacked a nearby Jewish settlement with firebombs and?burning tires. Officials from the Palestinian Authority did not comment on the incident that resulted in death near Beit Ummar. The Palestinian official news agency WAFA reported that the teens were between 15 and 19. A relative also confirmed their ages. It was not possible to independently verify Israel's military account. It claimed that its forces shot at three individuals who were hurling fire bombs and burning tyres in the vicinity of Karmei Tzur settlement. The military reported that one of the three victims was injured and two were killed. WAFA reported that the third person is in stable condition at a hospital. According to the Palestinian Red Crescent Society (PRCS), he's 15 years old. Israeli troops have conducted frequent raids on the West Bank, and in recent months tightened restrictions on movement in Palestinian villages near settlements. Most countries and U.N. agencies view Israel's settlements under international law as illegal and as a major obstacle to the creation of a Palestinian state. Israel, however, rejects the idea that the territory is occupied. Instead it views it as disputed. Israeli settlements have increased their attacks on Palestinians, and the villages they live in. U.N. figures show that at least 57 Palestinians were killed in incidents between settlers and the military since the beginning of the year. According to Israel's Shin Bet security service, Palestinians also committed?attacks against Israeli soldiers and settlers?in the West Bank. At least one of these attacks was fatal in 2026. Reporting by Ali Sawafta and Pesha Magid; Editing and production by Rami Ayyub, Gareth Jones and Maayan Libell
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Gold recovers from a one-week low after Iran mentions progress in peace negotiations
?Gold recovered from a more than one-week-low on Monday as oil prices dropped after Iran cited the progress of U.S. - Iran peace talks. However, bets on higher interest rates following hawkish U.S. Federal Reserve signaling weighed on metal's prospects. As of 0608 GMT spot gold was up 0.8% to $4,194.99 an ounce after dropping to its lowest level since June 11, on Friday. U.S. Gold Futures for August Delivery fell 0.8% to $4213.10. According to Press TV, the first round of talks between senior U.S. officials and Iranian officials took place in Switzerland on Monday. An Iranian spokesperson for the foreign ministry said that good progress had been made. In a joint statement issued by Qatar and Pakistan, the two nations that are mediating the situation, it was stated that?U.S. The United States and Iran have agreed on a roadmap to reach a final agreement within 60 days. Edward Meir is an analyst with Marex. He said, "The current situation in Switzerland?is very different than a few hours back when they were fighting. But now, it appears that there's some progress." "We will continue to trade on geopolitical principles for some time, but since the situation is still fluid, it's best to stay out of the fray for the moment." Brent crude futures dropped more than 1% following the announcement. The rising oil prices fuel inflation fears and increase expectations for higher interest rates. When rates are high, gold tends to lose its appeal as it doesn't yield any interest. Investors were led to believe that a rate increase was imminent because of the emphasis placed by Fed Chair Kevin Warsh on inflation during his press conference last week. Nine out of 19 Fed policymakers think they'll need to increase the policy rate in this year. According to the CME FedWatch Tool, traders now see an 89% probability of a rate hike in December. This is up from 61% prior to?the Fed meeting. Silver spot rose by 2.4%, to $66.48 an ounce. Platinum gained 0.7%, to $1675.91. Palladium increased 1.8%, to $1280.45. (Reporting and editing by Rashmi aich, Sonia Cheema, Harikrishnan Nair in Bengaluru)
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Palm oil continues to gain on rival oil, a weaker Ringgit
Malaysian palm futures rose for the second consecutive session on Monday,?and reached a one-and a half-month high. Supported by stronger Dalian edible oils, a weaker Ringgit and a stronger Chicago edible oil, gains were capped however by the weakness of crude oil. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had risen 8 ringgit or 0.17% to 4,654 Ringgit ($1,121.72) per metric ton. The contract reached 4,692 ringgit at the beginning of the session, which was its highest level since 6 May before reducing?gains. A Kuala Lumpur trader said that "Palm rose due to a weaker ringgit, and Chicago soyoil was supportive. However, gains were limited by the?crude-oil weakness". The Chicago Board of Trade soyoil price was?up by 0.72%. Palm oil prices on the Dalian Commodity Exchange rose 0.53% while the most active soyoil contract gained 0.01%. As palm oil competes to gain a share in the global vegetable oil market, it tracks the price fluctuations of competing edible oils. The palm ringgit's currency has weakened by 0.39% compared to the dollar. This makes the commodity more appealing for buyers with foreign currencies. Intertek Testing Services, a cargo surveyor, reported that exports of Malaysian products containing palm oil for the period June 1-20 increased 19.1%, to 907,067 tonnes, from a month earlier. Brent crude prices 'fell by about 2% after U.S. - Iran talks ended in Switzerland. Tehran said it had obtained waivers for oil and petrochemical exports. This eased concerns about a shortage of supply on?global market. Palm oil is less appealing as a biodiesel feedstock due to lower crude oil futures. Technical analyst Wang Tao said that palm oil could return to the high of 4,690 Ringgit reached on June 3, as more than 86.4% has been reversed from the previous level.
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ROI-Guinea bets bauxite dominance can reshape aluminium supply: Andy Home
Guinea, a country in West Africa, is now the world's largest producer of bauxite - the raw material that ultimately becomes aluminium. It is now trying to use its newfound dominance in order to exert greater control over price and industry structure. Just as Indonesia did in nickel, and the Democratic Republic of Congo in cobalt. Three resource giants struggle to control mining sectors which have?grown too large too fast, flooding global markets and crashing the prices. Indonesia uses mining quotas. The Congo has export quotas. Guinea is considering a combination of the two to stop operators from exporting more than what their mining quotas permit them to produce. Conakry has the opportunity to follow Indonesia's example by shifting from bauxite to alumina refinement and capturing more value of its resources. The commitment of Chinese state-owned aluminium producer Chalco to build a $1 billion refinery is proof that the strategy is working. BAUXITE BOOM Bauxite, the third-most abundant element on Earth's surface, is too dispersed and/or too low in quality to be converted into alumina. Guinea is home to the largest reserves of metallurgical Bauxite in the world. It also produces a highly-pure?product valued for its low natural silica content. China has become the largest producer of bauxite in the world, surpassing Australia by 2023. It now represents around 40% of the global production and 70% of seaborne exports. Guinea's exports increased by 25% in 2025 to 183 millions metric tons, which led to the prices falling by nearly half during the last year and first part of 2026. The government is looking for the best way to slow down the market without creating the kind of disruption that Congo's export quotas caused. CHINESE DEPENDENCY China is increasingly dependent on Guinea to supply bauxite for its massive aluminium sector. Imports from Guinea grew rapidly, rising from 334,000 tons of bauxite in 2015 to 149,000,000 tons by 2025. By then they represented 74% of total bauxite exports. China's bauxite deposits are depleted after decades of mining, and they're a lower quality than those found in Guinea. The country's alumina refinery capacity has also been boosted in the past century. This is far more than its domestic bauxite mine capacity. The Chinese have plenty of time to prepare for the planned crackdown by Guinea on its bauxite industry. Imports from Guinea in March reached a record monthly volume of 18 million tonnes. The scale of the flow of materials makes it difficult to break the dependence. The nature of the dependency will however change. ALUMINA AMBITIONS Chalco's commitment to building the new 1.2-million-ton-per-year alumina refinery shows how seriously China takes the threat to the flow of raw materials. This is the first significant overseas investment by China's giant state corporation in alumina. This is the third alumina refinery announced by China in recent months. The only refinery in Guinea is the Friguia plant. It was built in 1960 and has been owned by France's Pechiney and then by U.S. producers Reynolds, and since 2008, by Rusal. The refinery was shut down between 2012 and 2018, but it is now operating, although at a lower capacity than its original 650,000 tons per year. Conakry's government aims to build five or six additional processing plants by 2030, with a combined?capacity of 7 million tons alumina. The seizure last year of mining assets by Emirates Global Aluminium for failing to fulfill a commitment for refining, has served as a warning to other operators. NEW INDUSTRY HUB Guinea follows Indonesia's lead, which in 2023 banned the export of bauxite to force miners into building up processing capacity. Guinea does not have enough energy to refine alumina or smelt it into aluminium. If Guinea is able to implement its strategy successfully, it could be a catalyst for the development of a West African hub for alumina. Other African bauxite-producing countries are also following the same path of value-added to keep more of their mineral revenue. Nigeria signed a $1.3billion investment deal with Africa Finance Corporation to build an alumina refining plant, while Ghana wants to do the exact same thing under the auspices?of the Ghana Integrated Aluminium Development Corporation. The shift in Africa from mining to "first-stage processing" could have a transformative effect on the aluminum supply chain. The seaborne bauxite industry will shrink. The global alumina market will grow and China's domestic refineries of alumina will be in competition with the largest raw material suppliers. Andy Home is a columnist at. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets seven days a weeks.
Russell: Hormuz's losses can't be offset by the surge in US crude imports to Asia.
The record volume of U.S. crude oil arriving in Asia is not enough to compensate for the loss of cargoes due to the closure of the Strait of Hormuz.
Asia's imports from the U.S. of crude oil were 63.56 millions barrels in May. This was the highest for a month, although at 2.05 million barrels daily (bpd), they were only slightly behind?the 2.07 million bpd that came out of June 2023.
Kpler has tracked arrivals of 2,32 million bpd for June and 3,07 million bpd for July.
The average import of U.S. Crude by Asia in the three-month period ending February was 1.37 million barrels per day.
The United States and Israel attacked Iran in February, and Tehran responded by closing the Strait of Hormuz. This was the route through which 20% of crude oil and refined products were transported before the conflict began.
Although some Middle Eastern oil exporters, such as Saudi Arabia or the United Arab Emirates, have been able to redirect some oil exports into?ports located outside the Strait of Hormuz, a minimum 10 million barrels per day (bpd) remain unavailable due to the Iran conflict.
Around 1.2 million bpd of oil reached Asia through the Strait of?Hormuz in May as some vessels received Iranian approval for transit. However, this is down on the average of 13,54 million bpd during the three-month period ended in February.
The volume of additional cargoes that Asia received from the United States and other exporters from the Americas, Africa and Africa is dwarfed by the scale of the losses through the Strait.
Kpler data shows that Asia's seaborne oil arrivals were 19.47 million barrels per day in May, up from the 18.7 million barrels per day in April, which was at its lowest level in over 10 years.
Even though May's arrivals were higher, they still fell 22% below the average of 24,82 million bpd over the three-month period ending in February.
This loss of over 5 million bpd will lead to difficult choices for Asia's refining companies.
They have been able to keep their plants running by using up strategic and commercial stockpiles as well as reducing the processing rate.
There are questions about how long the world will be able to continue to deplete its crude oil inventories before refiners have to drastically reduce their throughput due to a shortage.
When will the CRUNCH arrive?
Most analysts and oil executives agree that the clock is getting louder.
Some regions will be able continue to refine and produce oil at normal rates while others may struggle to get enough.
If the Strait of Hormuz does not reopen in the next few weeks, and if it doesn't stay open in a sustainable manner, the price for refined fuels may have to rise to reduce demand.
Asia, where 80% of fuel is transported through the Strait of Hormuz on a regular basis, will be the hardest hit. It's also likely that countries with less developed economies, such as Bangladesh, Pakistan, and the Philippines, who import fuel, will feel the effects the quickest.
In the United States, there will also be more questions about the rapid depletion in inventories despite record crude and products exports.
It's not hard to see that U.S. politicians of both major parties are increasingly focused on domestic issues. They believe, erroneously, that by opposing fuel and oil exports they will be able to lower retail prices in the United States.
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These are the views of a columnist who writes for.
(source: Reuters)